Empirical Finance LLC Raises Stake in Intuit Inc. (NASDAQ:INTU)

Empirical Finance LLC increased its stake in Intuit Inc. (NASDAQ:INTU) by 2.3% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 9,604 shares of the software maker’s stock after acquiring an additional 214 shares during the quarter. Empirical Finance LLC’s holdings in Intuit were worth $5,964,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. LGT Financial Advisors LLC bought a new stake in shares of Intuit during the second quarter valued at approximately $25,000. Cultivar Capital Inc. purchased a new position in Intuit during the 2nd quarter worth $26,000. Fairway Wealth LLC bought a new stake in Intuit during the 2nd quarter valued at $26,000. Northwest Investment Counselors LLC purchased a new stake in shares of Intuit in the 3rd quarter worth $27,000. Finally, Hobbs Group Advisors LLC bought a new position in shares of Intuit during the 2nd quarter worth $35,000. Institutional investors own 83.66% of the company’s stock.

Intuit Price Performance

NASDAQ INTU opened at $700.76 on Friday. The company has a market cap of $196.42 billion, a price-to-earnings ratio of 67.06, a PEG ratio of 3.45 and a beta of 1.25. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.29. The stock’s fifty day moving average price is $630.03 and its 200 day moving average price is $629.21. Intuit Inc. has a 1 year low of $552.68 and a 1 year high of $714.78.

Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.14. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The firm had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same period last year, the business posted $0.40 earnings per share. The company’s revenue for the quarter was up 17.4% compared to the same quarter last year. As a group, equities research analysts forecast that Intuit Inc. will post 14.04 earnings per share for the current year.

Intuit Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Thursday, October 10th were issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 0.59%. The ex-dividend date of this dividend was Thursday, October 10th. This is a boost from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio (DPR) is 39.81%.

Insider Activity at Intuit

In other news, Director Eve B. Burton sold 2,988 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $649.87, for a total transaction of $1,941,811.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Sandeep Aujla sold 4,000 shares of the business’s stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $617.28, for a total transaction of $2,469,120.00. Following the completion of the transaction, the chief financial officer now owns 452 shares of the company’s stock, valued at approximately $279,010.56. This represents a 89.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 55,297 shares of company stock worth $35,220,046 over the last three months. Company insiders own 2.90% of the company’s stock.

Analyst Ratings Changes

INTU has been the subject of a number of research reports. Morgan Stanley lowered shares of Intuit from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $750.00 to $685.00 in a research note on Wednesday, August 14th. Jefferies Financial Group lifted their price objective on shares of Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a report on Friday, August 23rd. Piper Sandler restated an “overweight” rating and set a $768.00 target price on shares of Intuit in a report on Friday, September 27th. Barclays cut their price target on Intuit from $745.00 to $740.00 and set an “overweight” rating on the stock in a report on Friday, August 23rd. Finally, Stifel Nicolaus upped their price objective on Intuit from $690.00 to $795.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Four analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, Intuit presently has a consensus rating of “Moderate Buy” and a consensus price target of $735.71.

Intuit Profile

Intuit Inc provides financial management and compliance products and services for consumers, small businesses, self-employed, and accounting professionals in the United States, Canada, and internationally. The company operates in four segments: Small Business & Self-Employed, Consumer, Credit Karma, and ProTax.